KIEV, Ukraine (May 30, 2005). Golden Telecom, Inc. (“Golden Telecom” or the “Company”) (NASDAQ: GLDN), the leading provider of integrated telecommunications and Internet services in Russia and other countries of the Commonwealth of Independent States (CIS), announced that Andrii Droniuk, formerly Deputy General Director of Golden Telecom Ukraine (“GTU”), has been promoted to the position of General Director of GTU.  Mladen Pejnovic, who headed GTU since 2002, has returned to Moscow, Russia as a Vice-President within the operational group.  Mr. Pejnovic will work closely with Michal Cupa, the Company’s Chief Operating Officer, on strategic planning and operating initiatives. 

Mr. Droniuk has worked for Golden Telecom since 1997 in various positions including Finance Director of Golden Telecom Ukraine, Finance Director of Comincom-Combellga in Moscow, and Deputy General Director of GTU.  Mr. Droniuk holds a Masters degree in Economics from the Central European University,a diploma in International Economic Relations from Lviv State University,and a diploma in Mechanical Engineering from Lviv Politechnical Institute. He also completed a course in Small Business Management at the Wharton Business School of the University of Pennsylvania.  Mr. Droniuk is a member of the British Association of Chartered Certified Accountants(ACCA).

Michal Cupa, Chief Operating Officer of Golden Telecom, Inc. commented, “We believe that Andrii possesses both the experience and the technical knowledge required for the demanding General Director position.  He has a strong background in finance and business development along with first-hand expertise in the Ukrainian telecommunication market.  Additionally, I welcome Mladen Pejnovic back to Moscow, and I look forward to working closely with him on strategic and operational planning within the Company.”

Mr. Droniuk added, “Golden Telecom has a superb reputation both inside and outside of Russia and Ukraine, and I look forward to leading the GTU team in Ukraine.  GTU has spent over a decade building a world class network and service team, and we look to using this platform for the future growth of both GTU and Golden Telecom.”

About Golden Telecom (www.goldentelecom.com):

Golden Telecom, Inc., (NASDAQ: “GLDN”) is a leading facilities-based provider of integrated telecommunications and Internet services in major population centers throughout Russia and other countries of the Commonwealth of Independent States (“CIS”).  The Company offers voice, data and Internet services to corporations, operators and consumers using its metropolitan overlay network in major cities including Moscow, Kiev, St. Petersburg, Nizhny Novgorod, Samara, Kaliningrad, Krasnoyarsk, Almaty, and Tashkent, and via intercity fiber optic and satellite-based networks, including approximately 227 combined access points in Russia and other countries of the CIS. The Company offers mobile services in Kiev and Odessa.

For additional information please contact:

Public relations:

Anna Chin Go Pin

e-mail: achin@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9332

Investor Relations:

Ranjit Singh

e-mail: ir@gldn.net

tel.: +7-501-797-9300

fax: +7-501-797-9331

www.goldentelecom.com